Nirmala Sitharaman set to match record of former PM Morarji Desai in Interim Budget 2024
PTC News Desk: In a historic move, Union Finance Minister Nirmala Sitharaman is poised to equal the record of former Prime Minister Morarji Desai as she gears up to present her sixth consecutive budget on February 1. Nirmala Sitharaman, the country's first full-time woman finance minister, has already marked her legacy by presenting five full budgets since assuming office in July 2019.
The upcoming interim budget presentation on February 1 will elevate Sitharaman to a unique position, surpassing the records set by her predecessors. Notably, distinguished figures such as Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who held the finance minister position, each presented five budgets consecutively.
This momentous occasion underscores Nirmala Sitharaman's significant role in shaping the economic landscape of the nation, as she continues to navigate through fiscal challenges and policy decisions. As the first woman to hold the position of the country's full-time finance minister, Sitharaman's budgetary presentations stand as a testament to her leadership in steering India's financial course.
Serving as the finance minister, Morarji Desai delivered five annual budgets and one interim budget from 1959 to 1964. His notable distinction lies in presenting a total of 10 budgets, holding the record for the highest number of budget presentations by any finance minister.
Assuming the finance ministry's helm following the ascent of the Modi government in 2014, Arun Jaitley played a pivotal role by consecutively presenting five budgets from 2014-15 to 2018-19.
On February 1, 2019, Piyush Goyal took the stage to present the interim budget for the fiscal year 2019-20.
Following the 2019 general elections, Nirmala Sitharaman assumed the responsibility of the finance portfolio, marking a historic moment as the second woman to present the budget. The first woman to achieve this feat was Indira Gandhi, who presented the budget for the financial year 1970-71.
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An interim budget serves as a financial roadmap during a unique period in a country's political calendar. Typically presented when general elections are on the horizon, an interim budget is a crucial fiscal measure that provides a temporary financial plan until the new government takes office.
The primary reason for presenting an interim budget is the imminent general elections, which create a transitional phase in governance. During this time, the outgoing government outlines its economic policies and spending priorities for the upcoming financial year until the formation of the new government.
In the context of India, the interim budget is particularly significant as it sets the stage for the incoming administration, which is likely to be formed around June. The interim budget offers a provisional financial framework, addressing immediate needs and ensuring the smooth functioning of essential services until the new government finalizes its policies.
The interim budget is not intended to introduce major policy changes or long-term financial strategies. Instead, its purpose is to maintain financial stability, ensure continuity in government expenditures, and avoid any disruptions during the transition period between administrations.
Looking ahead, once the new government assumes office, it will have the responsibility of formulating and presenting a comprehensive and final budget for the fiscal year 2024-25. This complete budget, expected sometime in July, will reflect the new government's economic vision, priorities, and strategies for the upcoming financial year. Until then, the interim budget serves as a crucial financial bridge, ensuring the seamless functioning of the government and providing a glimpse into its immediate economic priorities.
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(Inputs from agencies)
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